Lisa De Vanna, Clare Polkinghorne spearhead Australia's Olympic squad

Australia captain Lisa De Vanna, right, will be the only Matilda heading to Rio with Olympic experience.

Striker Lisa De Vanna and defender Clare Polkinghorne will lead the Matildas to the Rio Olympics after being named co-captains of Australia's 18-strong football squad.

De Vanna will be the only player with Olympic experience to head to Rio having competed at Athens in 2004, and will line up alongside Ellie Carpenter, who is the youngest member of the squad at 16.

"Obviously gold is what everyone is fighting for and dreams about but if we come back with any medal it would a massive boost for women's football in Australia," De Vanna, who finished fifth with the Australian team at the Athens 2004 Games, said in a Football Federation Australia statement.

Carpenter was thrilled to have her named called out.

"Since I was a kid I've always dreamed of being Olympian and I can't believe it is coming true this early," said Carpenter.

"Having not been in the national set up for 12 months and now being selected in the team is just crazy."